3 days ago
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March 26, 2025 | 11:17 am
TEMPO.CO, Jakarta - PT Medco Energi Internasional Tbk has announced a US$50 million (Rp820 billion) share buyback program, which will be financed through internal cash reserves. The company, engaged in oil and gas exploration and production, copper and gold mining, and power generation, aims to reinforce investor confidence and enhance shareholder value.
Chief Executive Officer Roberto Lorato detailed the plan in a written statement on Tuesday, March 25. "This share repurchase reflects the company’s confidence in its strong fundamentals and long-term growth prospects," he stated.
The buyback will adhere to the latest Financial Services Authority (OJK) regulations (Letter No. S-17/D.04/2025) and follows the buyback approval granted at the May 2024 Annual General Meeting of Shareholders (AGMS). "We remain committed to optimizing capital allocation and creating shareholder value," Lorato added.
Medco will continue to focus on operational excellence, portfolio optimization, and sustainable energy initiatives to ensure long-term resilience and growth.
In addition to the buyback, Medco recently completed a 3D seismic acquisition at Rebon Jaro Field, Corridor Block, South Sumatra, through its subsidiary Medco E&P Grissik Ltd., in collaboration with SKK Migas.
"Our production performance and safety record at Corridor Block reflect our commitment to operational excellence and sustainable energy development," said Ronald Gunawan, MedcoEnergi's Director & COO, on Thursday, March 20. He emphasized that continued investments in exploration, development, and production optimization are crucial for ensuring a reliable gas supply, strengthening national energy security, and supporting economic growth.
Dani Aswara contributed for this article.
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